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Entrepreneurship

The process of initiating a business venture, organizing the necessary resources, and assuming the associate risks and rewards.

Idealists

Like working on new and creative problems

Optimizers

Like owning their own business

Hard Workers

Like growing businesses (Size and Profits)

Jugglers

Like controlling all aspects of business

Sustainers

Like balancing work and personal life

Likely Entrepreneurs

Immigrants and their children, Women and minorities, Internal locus of control, High Energy, Need to achieve, self-confidence, awareness of passing time, tolerance for ambiguity

Drivers of Entrepreneurship

-Economic Changes -Globalization & Increased Competition -Technology -New Opportunities (Sustainability, Social Responsibility)

Social Entrepreneurship

Combines the creativity, business smarts, passion, and hard work of the traditional entrepreneur with a mission to change the world for the better.

Primary Goal of Social Entrepreneurship

Improving society

Secondary Goals of Social Entrepreneurship

Solid business results, High performance, ad Accountability for results

Stages of Growth: Start-Up

Challenges: Product/Service, Customers

Stages of Growth: Survival

Challenges: Finances, Cash Flow, Controlled Growth

Stages of Growth: Success

Challenges: Level of Control

Stages of Growth: Takeoff

Challenges: Growth, Delegation, and Management

Stages of Growth: Resource Maturity

Challenges: Loss of flexibility & Entrepreneurial Spirit

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